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<ul class="summary-list"><li><keyword id="122731" type="COMPANY" weightage="60" keywordseo="Citi-Private-Bank" source="Orion">Citi Private Bank</keyword>'s <keyword id="5875606" type="PERSON" weightage="60" keywordseo="David-Bailin" source="Orion">David Bailin</keyword> says <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> "is going to do well" due to the "level of interest."</li><li>The CIO said crypto can be a part of the smaller, "opportunistic side" of clients' portfolios.</li><li>Bailin also warned investors of the inefficiency of many bitcoin investment vehicles.</li></ul>Citi Private Bank's Chief Investment Officer David Bailin told Yahoo <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance" source="Orion">Finance</keyword> on Wednesday that <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> be a part of the "opportunistic side" of any portfolio.<br /><br />In <a href="https://www.youtube.com/watch?v=KsWBsmB4VI0">the interview</a>, Bailin said that he believes bitcoin "is going to do well because of the level of interest that's coming from everyone," but noted the <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>' rise scares him "on a fundamental basis."<br /><br />The private wealth manager explained how his firm is dividing customers' portfolios into a "core" side and an "opportunistic" side. The "core" side will represent 85% or more of total holdings and be focused on "fundamental investing."<br /><br />The "opportunistic" side is where clients might elect to purchase <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a>. However, Bailin said that if investors do choose to buy bitcoin, they should be careful in how they go about it.<br /><br />The Citi Private Bank CIO warned that bitcoin funds and trusts "can be a very, very inefficient way" to invest in the digital currency.<br /><br />Bailin said he was looking at alternative ways to invest in bitcoin for his clients, including a "total return swap" that could allow them to "invest in the price appreciation of the actual digital currency."<br /><br />Bailin added that although bitcoin may be the talk of the town, he sees better opportunities for clients in "unstoppable trends" like big data, satellite technology, solar, and more.<br /><br />The CIO said these "giant unstoppable trends, as we call them, are really wonderful investment opportunities, that are probably in the long term, or in my view definitely in the long term, way better than bitcoin."<br /><br />Although no one is calling Bailin a crypto bull, the CIO is the latest of several institutional investors to come out with a more bullish tone on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a>.<br /><br />Investing legend Howard Marks <a href="https://markets.businessinsider.com/currencies/news/investor-howard-marks-more-positive-bitcoin-emerging-market-currency-2021-3-1030213955">softened his stance</a> toward the digital currency in a video interview with The Korea Economic Daily on Monday and said that his initial response to bitcoin was a "knee-jerk reaction."<br /><br />Bitcoin traded down 2.77% on Wednesday as of 11:22 a.m. ET.<br /><br />  <div type="image" title="Bitcoin chart" height="681" width="841" msid="81554909" hostid="261"></div>

Citi Private Bank CIO David Bailin says bitcoin can be a part of the 'opportunistic side' of any portfolio

<ul><li><strong><keyword id="122731" type="COMPANY" weightage="60" keywordseo="Citi-Private-Bank">Citi Private Bank</keyword>'s <keyword id="5875606" type="PERSON" weightage="60" keywordseo="David-Bailin">David Bailin</keyword></strong><a href="https://www.cnbc.com/video/2020/10/27/deutsche-banks-binky-chadha-and-citi-private-banks-david-bailin-on-markets-and-earnings-season.html"><strong> told CNBC</strong></a><strong> that now is a time when investors can rotate out of technology stocks and into sectors that hinge on an economic reopening.</strong></li><li><strong>The <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> will have a "relief moment" in 2021 when a <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> is announced, a second <keyword id="3906221" type="PERSON" weightage="60" keywordseo="fiscal-stimulus">fiscal stimulus</keyword> is released, and the outcome of the presidential election is clear, Bailin said. </strong></li><li><strong>The chief investment officer is recommending investors seek out value stocks, financials, emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, and healthcare stocks. </strong></li></ul><ul><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestsource=markets&amp;utm_medium=ingest"><strong>Visit Business Insider's homepage for more stories</strong></a><strong>.</strong></li></ul><p>David Bailin, Citi Private Bank chief investment officer, <a href="https://www.cnbc.com/video/2020/10/27/deutsche-banks-binky-chadha-and-citi-private-banks-david-bailin-on-markets-and-earnings-season.html">told CNBC</a> that investors should rotate away from just mega-cap technology stocks as the market outlook in 2021 is positive. </p><p>While the economy may slow down in the fourth quarter of 2020 because the US hasn't released a stimulus yet, and investors may grow weary as coronavirus cases rise, next year will be the "exact opposite," Bailin said on Tuesday. </p><p>"We're going to have a relief moment in the market when they realize that the pandemic will be abated by the release of several vaccines," said Bailin, adding that there will be a fiscal stimulus by 2021, and the question over who the next president is will be resolved.</p><p>Right now there is a lot of uncertainty, but "there's a lot to look forward to," he added.  </p><p><strong><em>Read more:</em></strong> <a href="https://www.businessinsider.com/how-to-start-a-growth-fund-5-tips-nancy-zevenbergen-2020-10"><strong><em>Nancy Zevenbergen has outperformed 99% of her investor peers over the last 5 years. She shared 5 tips for starting a successful growth fund — including ones adopted by fellow Wall Street titans Warren Buffett and Cathie Wood.</em></strong></a></p><p>Bailin said that given this outlook, investors should begin rotating away from companies that have boomed during the pandemic like mega-cap tech, and rotate into sectors that hinge on the economic reopening.</p><p>The four sectors Bailin named were: value, financials, emerging markets, and healthcare.</p><p>"Think about changing your portfolio to reflect now what might be taking place in 2021, but do not start to sell and try to market time, because I think that's just a fool's game, especially when markets are moving this quickly," he added.</p><p>"We want our clients to stay invested but we want them to rotate into these areas of the market that could be very valuable over the next 18 to 24 months," Bailin said.</p>

Investors should rotate away from tech stocks and into these 4 sectors before 2021 brings market relief from turmoil, a Wall Street investment chief says

<ul><li><strong>David Bailin, Citi Private Bank chief investment officer, said <keyword id="879950" type="ORGANIZATION" weightage="60" keywordseo="Tailwinds">tailwinds</keyword> from the stimulus and good news of a vaccine will cause parts of the market to "roar" in the next year and a half. </strong></li><li><strong>He told Bloomberg on Friday that investors need to be thinking ahead to what will happen to <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> when a successful vaccine is readily available to everyone. </strong></li><li><strong>He said small and medium-sized industrial companies have a "fair amount of room to snap back," while technology will only "move modestly ahead."</strong></li></ul><ul><li><a href="https://www.businessinsider.com/?hprecirc-bullet"><strong>Visit Business Insider's homepage for more stories</strong></a><strong>. </strong></li></ul><p>David Bailin, Citi Private Bank chief investment officer, <a href="https://www.bloomberg.com/news/videos/2020-08-14/stock-market-isn-t-acting-insane-citi-s-bailin-says-video">told Bloomberg on Friday</a> that news of a vaccine and tailwinds from a stimulus package suggest that parts of the market will have a strong rebound in the next 12 to 18 months.</p><p>Bailin said investors need to "look out six months" and ask themselves what will happen when a vaccine actually arrives. The investor said he thinks a successful vaccine is "going to change everyone's mindset."</p><p>The investment chief also said the global amount of spending could be up to $12 trillion and will have a "tailwind that's going to be very stimulative in '21 and '22." He said Citi has written to all of its clients in the last several weeks that this is a very important tailwind. </p><p>This vaccine, combined with the effects of the unprecedented amount of fiscal and monetary spending globally, is good news for specific sectors of the market that haven't yet been fully priced, Bailin said. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stock-picks-to-buy-beat-the-market-returns-morgan-stanley-2020-8">MORGAN STANLEY: Buy these 9 top-rated stocks now for market-beating returns of 15% or more over the next 3 months</a></em></p><p>"There are parts of the market that are going to roar ahead in the future and parts like technology that are going to move very modestly ahead because they're so fully priced and discounted so much of the future already today," he said. </p><p>Bailin mentioned small and medium-sized industrial companies in the US as an example of areas that are not fully priced yet, and have a "fair amount of room to snap back." </p><p>"There's a lot for investors to do, and I think it's moving their portfolios away from technology where they've got this extraordinary gain, and into some of these other sectors that will allow them to make alpha, extra profits over the course of the next 12-18 months," he said. </p><p>The investment chief added that "the market, because of the news flow of course, is very focused on what's happening today. Citi Private Bank, however, is looking out 12 to 18 months for <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword>," he said. </p>

Parts of the market 'are going to roar' while tech will climb modestly on stimulus tailwinds, vaccine, Citi senior banker says

<ul class="summary-list"><li>David Bailin, chief investment officer of <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword>'s private banking arm warned that <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> have yet to price in the prospect of a second wave of coronavirus infections later in 2020.</li><li>"In the event that we have a very significant second wave of disease in the United States that cause a further shutdown of the <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> ... that clearly is not priced into the market," he told CNBC.</li><li>Bailin says US stocks have not factored in that it may take up to 2 years to recover from the virus and return to normality.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>One of the most senior staff at Citi believes that markets haven't yet priced in the possibility that there could be a second wave of coronavirus infections around the world, or that it could take two years for the world to return to normal.</p><p>David Bailin, Citi Private Bank's chief investment officer <a href="https://www.cnbc.com/2020/04/20/us-markets-havent-priced-in-second-wave-of-coronavirus-citi-private-bank.html">told CNBC's Squawk Box Asia</a> over the weekend that he fears markets have not yet acknowledged the prospect of a second wave of infections triggering another shutdown of the US economy later in the year.</p><p>"In the event that we have a very significant second wave of disease in the United States that cause a further shutdown of the economy ... that clearly is not priced into the market," he said.</p><p>He also suggested that markets may be underestimating just how long it might take for things to return to normal from the virus.</p><p>"The other thing that may not be priced into the market is the fact that this virus may take another 18 to 24 months to really cycle through the globe, and ultimately have a vaccine," Bailin said.</p><p>Markets have been hugely volatile in recent weeks, suffering huge losses in March, before rebounding in April, with investors largely seeing the virus as likely to provide an extremely sharp, but ultimately short, shock to the global economy.</p><p><a href="https://markets.businessinsider.com/index/s&amp;p_500_500">The S&amp;P 500</a> alone has recovered about 27% from lows seen in March, but Bailin is not convinced that the worst is over yet for markets, with US companies expected to report huge falls in earnings in the second quarter of the year.</p><p>"In the second quarter we expect earnings to literally fall by 40% or more across the board, and we don't expect earnings in the United States to get back to their first quarter levels for nine quarters from now," he told CNBC.</p><p>The International Monetary Fund <a href="https://markets.businessinsider.com/news/stocks/economic-outlook-imf-global-gdp-shrinkage-coronavirus-too-optimistic-says-2020-4-1029102891">warned last week that global GDP will fall by 3% in 2020</a> due to almost every major economy being locked down. It added that 170 countries will see GDP per capita shrink.</p><p>IMF Managing Director Kristalina Georgieva then warned that the impact <a href="https://www.businessinsider.com/economic-outlook-imf-global-gdp-shrinkage-coronavirus-too-optimistic-says-2020-4?r=US&amp;IR=TIR=T">"may actually be a more optimistic picture than reality produces."</a></p><p>Coronavirus has claimed the lives of more than 165,000 people and infected almost 2.5 million globally. </p>Read the original article on <a href="https://www.businessinsider.com/david-bailin-citi-warns-2-years-before-markets-are-normal-2020-4">Business Insider</a>

Markets need to accept that it could take more than 2 years to get back to normal, a senior Citi banker warned

<ul class="summary-list"><li>The US has the highest number of ultra-high net worth individuals.</li><li>You need $4.4 million in the US to be in the richest 1%, according to the 2021 <keyword id="6363605" type="UNKNOWN" weightage="60" keywordseo="knight-frank">Knight Frank</keyword> <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">Wealth</keyword> Report.</li><li>Monaco had the highest barrier to entry, requiring $7.9 million to crack into <keyword id="10828663" type="UNKNOWN" weightage="60" keywordseo="the-1">the 1%</keyword>.</li></ul><p>Curious to know what the cutoff is to be in the wealthiest 1%? The new annual Wealth Report from <a href="https://www.knightfrank.com/">Knight Frank</a> breaks the numbers down for the US and other countries around the world.</p><p>An individual in the US needs a net wealth of $4.4 million to be among the richest 1% in the world, according to the Knight Frank 2021 Wealth Report. Compared to the rest of the world, the US has the third-highest wealth threshold to break into the 1%.</p><p>However, the US has the highest number of what Knight Frank calls UHNWI residents - ultra-high net worth individuals. The real-estate consultancy firm defines a UHNWI resident as someone whose net wealth exceeds $30 million.</p><p>Switzerland has the second-highest wealth threshold, with a person needing $5.1 million to join the richest 1%.</p><p>Monaco -  where the densest population of the super-rich reside according to Knight Frank- has the highest mark to hit for the 1%: $7.9 million.</p><div type="image" title="FlyingHigh" height="993" width="939" msid="81213768" hostid="261"></div><p>Others listed in the report included No. 4 Singapore at $2.9 million, positioning it as Asia's highest entry ahead of Hong Kong, which requires a net wealth of $2.8 million. The highest entry to the richest 1% for Latin America is Argentina at $360,000. South Africa has the highest wealth threshold out of any other country in Africa, at $180,000.</p><p>Countries with the lowest wealth thresholds to crack into the 1% include Indonesia, where a person needs $60,000, and Kenya, where a net wealth of $20,000 is needed for that status. </p><p>The report predicts that India's 1% threshold will almost double within the next five years and increase by about 70% for the Chinese Mainland from $850,000 in 2020.</p><p>Around 90% of respondents polled in the Knight Frank's Wealth Report Attitudes Survey said they see investment opportunities after the Coronavirus pandemic.</p><p>"We are entering a new economic cycle and the prospects for wealth creation and growth are huge," David Bailin, Chief Investment Officer at Citi Private Bank, told Knight Frank.</p>

This is how much you need to be worth to be in the richest 1% in the US - and other countries

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Alex Livesey/Getty</span></p></div><p></p></div></div></p><ul><li><strong>Although daunting at first, investing in public markets is one of the best ways to grow long-term wealth. </strong></li><li><strong>David Bailin, the global head of investments at Citi Private Bank, which serves clients with accounts of at least $25 million, says the younger you start, the better.  </strong></li><li><strong>In a recent interview with Business Insider, he discussed the best practices on learning where and with whom to invest.</strong></li></ul><p>Many young people with steady incomes invariably consider some type of investing to grow their money. </p><p>It's complicated and daunting, but one of the best ways to grow wealth over a long period of time. </p><p>Today, David Bailin travels the world advising people who have at least $25 million in investable assets on how to grow their wealth. As global head of investments at Citi Private Bank, he certainly had some useful tips for his 25-year old daughter when answering a question similar to the one Business Insider posed in a recent interview.</p><p>"You want to become a professional investor now," Bailin said he told his daughter. </p><p>He's not referring to an official certification. Rather, it's about learning the best practices of <em>where</em> you should put you money and <em>with whom</em> you should invest. </p><p>"If you are not a global investor, you are crazy because our market is 52% of the world's market capitalization," Bailin said. "It is absolutely guaranteed to change."</p><p>China is one part of the world that Citi Private Bank believes its ultra-high-net-worth <a href="https://www.privatebank.citibank.com/outlook.html">clients are underinvested</a> in. The country's innovation in tech, expanding middle class with money to spend, and increasingly well-run state-owned industries are among the reasons why they're optimistic about the country's markets.  </p><p>With regards to who to invest in, Bailin leans towards active managers who pick their funds' stocks, versus products like exchange-traded funds that bundle various stocks together or track an index. The problem with some ETFs, he said, is that although they can be bought cheaper, their performance doesn't necessarily match the underlying securities they're tracking. This difference, called a tracking error, can take a bite out of returns. </p><p>He also said young investors should be careful about relying on the advice of retail brokerages, because the better advice does not involve lots of trading (which pays the brokerages in fees) and is not as US-centric.</p><p>He added, however, that fintech has created access to some of the cheapest and most convenient ways to trade the markets. "That's 80% of the way there," Bailin said. "100% of the way there would be to have a global portfolio and be able to pick the funds. So I told her 'you should steal <a href="http://www.businessinsider.com/stock-market-investing-outlook-lessons-citi-private-bank-2018-6">the info we provide to ultra-wealthy families</a> and do it."'</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/navy-seal-explains-wake-up-430-am-every-day-jocko-willink-2018-4">A Navy SEAL explains why you should get up at 4:30 am every day</a></h3>        <div>                    </div>    </div>

An investor who helps the ultra-rich grow their wealth for a living shares what he wishes he knew about money when he was 25

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Alan Crowhurst/Getty</span></p></div><p></p></div></div></p><ul><li><strong><a href="http://markets.businessinsider.com/stocks/c-stock">Citi</a> Private Bank studied the accounts of 6,000 clients who invested locally, to see how they stood up to those with more global portfolios. </strong></li><li><strong>The bank's global head of investments and global chief investment strategist recently sat with Business Insider to discuss the findings, and what they're advising clients do with their money. </strong></li><li><strong>Citi Private Bank serves ultra-high-net-worth individuals with accounts of at least $25 million.</strong></li></ul><p>Investors are under no obligation to listen to insights from Wall Street's biggest firms even after they pay hefty fees for access. </p><p>And so about a year ago, after David Bailin took over as the global head of investments at Citi Private Bank, he sought to find out if there were any performance differences between clients who listened and those who didn't. The private bank, with $460 billion in assets, serves clients with accounts of at least $25 million. </p><p>The exercise showed that, in fact, it paid to listen. According to Bailin, clients who had followed Citi's global asset allocation recommendations outperformed those who did not by up to 200-300 basis points per year for between one and three years. </p><p><span>"All of it says the same thing to us, which is that our clients aren't global enough, and our clients don't systematically follow the asset allocation advise over a long period of time," Bailin told Business Insider. </span></p><p><span>These are the lessons Bailin has been trumpeting to clients, even as it published its mid-year outlook on Tuesday. </span><span></span></p><h2>Not global enough </h2><p><span>As Bailin quipped, the first problem with the clients who underperformed was that they were not global enough. </span></p><p>This aversion to foreign investments is partly fueled by concerns of a worldwide economic downturn similar to the Great Recession, according to <span>Steven Wieting, the global chief investment strategist of Citi Private Bank.</span></p><p><span> The problem is that most downturns are regional in nature, not globally synchronous. For example, the commodity slump of 2015 hurt several Latin American exporters and dragged down their equity markets by nearly 31% in the first year. But globally, the downturn was 1.8%. </span></p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Citi" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5b15a1911ae66244008b4bf6-960/slide1.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Citi</span></p></div><p></p></div></div><span></span></p><p><span>For sure, investors can suffer synchronized losses in the short-term; for example, <a href="http://www.businessinsider.com/stock-bond-market-news-italy-political-crisis-tuesday-may-29-2018-5">global equities sold off</a> last week amid Italy's political turmoil. However, it would be an "exaggeration" to think Italy's politics would crush Asian and Latin American markets over a longer timeframe, Wieting said.  </span></p><p><span>"Only 2009 and World War II before that has most of the world declined at the same time, Wieting told Business Insider. He added, "t</span><span>he difference between a local portfolio where you had a bad year [with] a local crisis and a global portfolio has averaged a 33 percentage-point difference in terms of performance."</span></p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Citi" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5b15a1911ae66247008b4ba0-960/slide2.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Citi</span></p></div><p></p></div></div></p><p><span>For US investors, a home bias could soon prove to be costly, after being helped by a historic bull market in stocks and the second-longest economic expansion. </span></p><p><span>"There are lots of reasons to believe, because of the business cycle, because of where we and the Fed itself expects real interest rates to go compared to its past history, that we're going to see catching up in other international financial assets," Wieting said. </span></p><p><span>One of the regions he's bullish on the long-term is China, where the average Citi client has 2%-3% exposure according to Bailin, even though the country made up <a href="https://www.bloomberg.com/graphics/2016-us-vs-china-economy/">15% of the world's economy</a> in 2017 according to the IMF.   </span></p><h2><span>Too much cash </span></h2><p>Citi's other key message after looking into clients' accounts was just how costly it is to sit in cash.</p><p>"And I'm not talking about a small amount of cash here," Bailin said. "The only person who makes money is the bank."</p><p>Still, this was illogical given, for example, the 302% surge in the <a href="http://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> from the <a href="http://www.businessinsider.com/obama-stock-market-call-in-2009-2018-3">March 6, 2009 bottom</a>. But it was an emotionally satisfying response to the crisis, Bailin said.</p><p>"It is impossible to rationalize it now because if you could earn 3% in the United States in a municipal bond, or you could earn 5% in a relatively high-quality, high-yield portfolio, or you can earn a 4% dividend in European equities, or 6% on <a href="http://markets.businessinsider.com/stocks/t-stock">AT&amp;T</a> - rattle them off - it's very hard to argue that cash is a smart place to be," he said. </p><p><span>According to Bailin, walking clients through these insights is</span><span> yielding results: from this year through mid-May, Bailin said, Citi Private Bank saw $5 billion of net new money invested into markets through its platform.</span></p><p><span> "It is actually having an impact on the clients," he said. </span><span></span><span>"If you had lived through the last five months in my job, you would have expected clients not to have invested more money because it's been uncomfortable to invest more money."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/jpmorgan-chase-cmo-kristin-lemkau-interview-2018-5">THE KRISTIN LEMKAU INTERVIEW: JPMorgan Chase's CMO explains how she deals with disruption on two fronts at once, why she's moving some ad dollars back to TV, and why it matters what your credit card feels like</a></h3>        <div>                    </div>    </div>

Citi scrutinized the investment accounts of thousands of its super-rich clients, and the findings reveal crucial lessons for every investor

<ul><li>The growth of India’s super-rich is expected to rocket faster than any other country in the world over the next five years.<br /></li><li>Knight Frank’s Wealth Reports pegs India’s super-rich population to grow by 73% by 2024.<br /></li><li>Bengaluru and the Wadala Truck Terminus in Mumbai have been pegged as the up and coming favourite for investors looking to pump money into real estate.<br /></li></ul>India's super-rich are pegged to grow faster than any other country in the world over the next five years. Knight Frank's Wealth Report predicts that India will see the highest growth in super-rich population, forecasting a 73% increase.<br /><br />Ultra-high-net-worth individuals (UHNWIs) are those with a net worth of $30 million and more — also known as the super-rich. In 2019, the world saw a 6.2% increase in the super-rich despite the global economic slowdown.  Over the next five years, they are set to grow by 27% globally with India leading the pack.<br /><br /><br /><div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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<br />“This reflects the positive sentiment captured in our Attitudes Survey, with 55% of respondents expecting their clients’ wealth to increase in 2020,” said the report.<br /><br /><strong>When it comes to real estate<br /></strong>A large part of the UHNWIs wealth is <a href="https://www.businessinsider.in/personal-finance/news/if-you-want-to-be-rich-watch-where-the-super-rich-are-investing/articleshow/74492260.cms">invested in real estate</a>. Currently, cities like New York, London and Paris lead the pack. However, the South Indian city of Bengaluru was pegged as the up and coming favourite for investors.<br /><br />Even the Wadala Truck Terminus in Mumbai is on investors’ radar with them hoping that the transformation of the 288-acre area will be akin to the development of Bandra Kurla.<br /><br />The overall five-year forecast for Asia, pegged at 44%, is twice that of North America’s projected rate. Asia is an “unstoppable trend” but it’s not without its faults, according to David Bailin. “Asia’s capital markets are one-fifth of the size they need to be to support the growth,” he points out.<br /><br /><strong>The rest of the world<br /></strong><br />Right now, the US leads the pack with 240,000 UHNWIs. Even China, which comes in second, only has 61,587 people who have more than $30 million. India still has a way to go before it can crack the top 10, with only 5,986 of them. <br /><br /><br /><table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 10 countries with the most UHNWIs<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Country<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Population of UHNWIs<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">US<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">240,575<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61,587<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Germany<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23,078<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">France<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18,776<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Japan<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17,013<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,367<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Italy<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,701<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canada<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,325<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Russia<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,924<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Switzerland<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,395<br /><br /></td></tr></tbody></table><br />The Knight Frank report expects the global millionaire and billionaire population to continue growing as well — the former more than the latter.<br /><br /><strong>See also:<br /><a href="https://www.businessinsider.in/thelife/news/diamond-studded-handbags-and-pink-floyd-guitars-heres-what-the-worlds-super-rich-are-buying-at-auctions/articleshow/74491112.cms">Diamond-studded handbags and Pink Floyd guitars — here’s what the world’s super rich are buying at auctions</a><br /><br /></strong><a href="https://www.businessinsider.in/personal-finance/news/if-you-want-to-be-rich-watch-where-the-super-rich-are-investing/articleshow/74492260.cms"><strong>If you want to be rich, watch where the super-rich are investing</strong></a><br />

India’s super-rich will grow faster than any other country over the next five years

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/essygie/5268112425">Essygie / Flickr, CC</a></span></p><p class="caption">The City of London is advising clients on tonight's Brexit vote.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong>British politicians will vote on Prime Minister Theresa May's Brexit Withdrawal Agreement Tuesday, with City of London banks spelling out a variety of options to clients. </strong></li><li><strong>Citi has advised clients not to trade the pound today because of the possibility of huge swings in its valuation.</strong></li><li><strong>Barclays have additional staff working on trading desks in Singapore, New York and London ahead of the vote. </strong></li></ul><p>On Tuesday evening, British members of parliament (MPs) will vote on Theresa May's Brexit deal, with the prime minister widely expected to suffer a crushing, and possibly record-breaking, defeat in the House of Commons.</p><p>While the outcome of the vote seems fairly clear, what happens next is not, and financial markets are scrambling for any helpful information in the hours before the vote.</p><p>City of London lenders have been advising clients for months in the build up to the vote in order to steer them through the chaos. Citigroup's private banking arm, for instance, has told clients not to trade the pound because of expected volatility Tuesday. </p><p>"Over the next 24 hours what all we're going to find out is the degree to which May loses, how much she loses by," <a href="https://www.bloomberg.com/news/articles/2019-01-15/citi-says-don-t-trade-the-pound-today-as-huge-swings-possible">said</a> David Bailin, global head of investments at Citi Private Bank, in Singapore. "That is not something that one actually trades on."</p><p>Similarly, Barclays has brought in additional staff to cope with demand for information from clients ahead of the vote. with numerous staff set to manage potential risks from the decision's fallout. FX and rates teams will be in earlier and stay later in Singapore, London, and New York on Tuesday.</p><p>A rejection of the Withdrawal Agreement, which sets the terms for the UK's exit and transition period away from the European Union, "wouldn't come as a shock to the markets," according to Emmanuel Cau, head of European equities at Barclays. </p><p>The pound has gained 1% against the dollar in the past month despite Brexit related uncertainties. The world's fourth most liquid currency market could tank 10% if an unexpected or undesirable Brexit outcome occurs, according to Citi. </p><p>While markets are thought to have priced in a defeat for the Prime Minister - perhaps one of the largest in parliamentary history - the pound and UK equities could rally if the vote does unexpectedly pass.</p><p>Reports suggest that the opposition Labour party will trigger a vote of no confidence in the government immediately after it is voted down, which could ultimately lead to an election.</p><p>A variety of City of London advisors have already advised clients that a<a href="https://www.businessinsider.com/city-of-london-analysts-say-uk-general-election-this-year-is-likely-brexit-2019-1"> rejection</a> of May's deal could lead to a UK general election in 2019. </p><p>The UK is currently set to leave the EU on March 29. The pound is flat against the dollar as of 9.20 a.m in London (4.20 a.m EST). </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tried-22-day-revolution-beyonce-vegan-diet-weight-loss-2017-9">I went on Beyoncé's 22-day diet - and I lost 15 pounds</a></h3>        <div>                    </div>    </div>

Here's what City of London banks are telling clients ahead of tonight's crucial Brexit vote

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.imdb.com/media/rm1047042048/tt0087800?ref_=ttmi_mi_all_pbl_16">IMDB/New Line Cinema</a></span></p><p class="caption">A Nightmare on Elm Street's Freddy Kruger.</p></div><p></p></div></div>As the Brexit worries began two weeks ago, I flagged Italian banks - more than the UK economy - <a href="https://pro.creditwritedowns.com/2016/06/the-downside-risks-introduced-by-the-uk-brexit-referendum.html">as one of my principle concerns</a>, because of the potential to cause systemic damage to the euro system. And now the contagion is spreading, with Deutsche Bank the most obvious weak link. The question now is twofold. First, does the Italian banking crisis solve itself without a major overhaul of EU institutional arrangements? Second, if not, how does the EU solve this problem? Some brief thoughts below.</p><p>About a year ago, as the Greek crisis was hot and heavy, I wrote a post on why <a href="https://pro.creditwritedowns.com/2015/06/the-euro-is-a-failure.html">the euro is a failure</a>. And in that post, I used the Italian economy and Italian banks as the most obvious economic example. The reasoning here was that Greece was only a more extreme example of what could befall other weak European economies in a generalized economic downturn. The Troika had submitted Greece to the rack under the pretense that it was a separate case. My argument was that it was not a separate case, just a more extreme case - and potentially the first case of economic collapse due to the failure of the eurozone's institutional setup.</p><p>My view then - and today - is that Italy matters to the eurozone and the EU almost as much as France and Germany, given its role as a founding member of the European Coal and Steel Community in 1951 and the European Economic Community in 1957. If Italy were forced into a desperate situation, it could be fatal for the euro. And now, a year later, this nightmare scenario is coming to pass - or at least we are getting a glimpse of it. We don't know if this is a real crisis or a mini-crisis yet.</p><p>What we do know is that the Italian banks are both under attack from investors and simultaneously undercapitalized. We know this because Italian bank shares have fallen by more than half this year. And we also know that the Italian Prime Minister Matteo Renzi has floated the idea of injecting 40 billion euros of state-sponsored capital into the Italian banks. Meanwhile, the ECB has made liquidity available to the Italian banks - if they need it - under the proviso that solvent institutions may just be going through a liquidity crisis. But, as we saw in the US, with TARP, eventually more state capital was needed.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>REUTERS/Remo Casilli</span></p><p class="caption">Italy's Prime Minister Matteo Renzi gestures during a media conference at Chigi palace in Rome, May 26, 2014.</p></div><p></p></div></div></p><p>Now, let's remember the constraints here. During the sovereign debt crisis, banks and sovereign credits became co-mingled because banks owned lots of sovereign debt. And so as sovereign debt soured, so too did the condition of euro banks. This eventually required a bailout of Spanish banks via the state, making clear that - given the lack of a common bank resolution mechanism - the contingent liabilities of banking systems fell to the state. The other major eurozone bubble economy, Ireland, suffered a similar fate after the sovereign was forced to bail out its banking system, mandating a Troika bailout for the state in turn. This is a situation that no one wanted repeated. In fact, if bail-ins - like the one <a href="https://pro.creditwritedowns.com/2013/03/buiter-it-was-clear-that-cyprus-was-a-laboratory.html">in Cyprus that Willem Buiter warned</a> us would become the model - were in effect, Ireland never would have needed a bailout. As people like myself suggested at the time, <a href="https://pro.creditwritedowns.com/2012/03/irish-secured-creditor-bailouts.html">banks would simply have defaulted</a>.</p><p>We have known for some time that most European banks are zombies, unable to increase lending because of a lack of capital. <a href="https://pro.creditwritedowns.com/2013/03/buiter-most-european-banks-are-zombies.html">Buiter said so explicitly</a> in 2013 during the Cyprus bail-in. And the lack of growth in Italy has made this problem far, far worse. Look at this chart from Holger Zchaepitz showing the connection with causality from bank lending to the economy - and realize that Italy has not grown since joining the eurozone, souring loans and making the capital situation worse.</p><p>But now we see the problem in Germany too, with Deutsche Bank. Everyone is talking about it because the shares have been cut in half and the contingent convertible debt carries a yield of 11% while <a href="https://twitter.com/MktOutperform/status/751080087693369344" target="_blank">Deutsche Bank CDS</a> is higher now than it was at any point during the 2008 crisis or almost any time except briefly during the sovereign debt crisis. Markets are basically saying <a href="https://twitter.com/Schuldensuehner/status/751326279631339520" target="_blank">Deutsche Bank is a junk-rated company</a> given its present capital situation - and given the post-Brexit referendum fall in shares taking away the ability tor raise more private capital.</p><p>And so what happens in Italy is inextricably linked to what happens in Germany. Is <a href="https://pro.creditwritedowns.com/2012/12/germany-concerned-about-its-own-public-finances.html">Germany concerned about its own public finances</a>? Absolutely - that's the reason for the change in its constitution to limit deficits and it's the reason for the schwarze Null - no new debt - that Schaueble is constantly after. The fact that <a href="https://pro.creditwritedowns.com/2012/07/germany-government-debt.html">Germany had been in breach of the Maastricht Treaty</a> was a point of shame for the country. And now the German finance minister wants to rectify the situation with no new debts.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">German Economy and Finance Ministers Gabriel and Schaeuble attend a news conference in Berlin.</p></div><p></p></div></div></p><p>So we know categorically that the German finance ministry will fight tooth and nail to not bail Deutsche Bank out - and to stick to the bail-in rules already instituted. And clearly if Deutsche Bank were subject to a bail-in, then the Italian banks would have to be too.</p><p>I think this is a big problem for Europe. There is no way out of this mess given the German stance on public debt and the pre-existing rule against state financing of banks. I don't see the EU relaxing these rules, despite calls by Deutsche Chief Economist David Folkerts-Landau (<a href="http://www.welt.de/finanzen/article156924408/Deutsche-Bank-Chefoekonom-fordert-150-Milliarden.html" target="_blank">link in German</a>) - my boss at Deutsche some 15 years ago - and by SocGen chairman <a href="http://www.bloomberg.com/news/articles/2016-07-06/italy-could-spark-systemic-banking-crisis-socgen-chairman-says" target="_blank">Lorenzo Bini-Smaghi</a>. TARP is not the way the EU is supposed to work. And without a common banking resolution mechanism, the fallout of bank crises falls on state actors that are forbidden from receiving financing via the ECB. Bail-ins are the only way around this problem.</p><p>If the situation in European banks doesn't calm down, we could be on the verge of a serious banking crisis. And that means panic, bank runs, and a meltdown in shares and the real economy. This is definitely the tail risk here. Europe should take the bull by the horns and take this tail risk off the table now - and for good. I don't think Europe will though.</p><p>As usual, I see Anglo-Saxon government bonds as the ultimate safe haven in such an environment - as all rates converge to zero (or lower).</p><div class="feed-footer-wrapper"><div class="feed-footer"><h3>More from Edward Harrison:</h3><ul><li><a href="https://pro.creditwritedowns.com/2016/07/the-problem-at-euro-banks.html" data-bi-base="http://www.creditwritedowns.com/">The problem at euro banks</a></li><li><a href="https://pro.creditwritedowns.com/2016/07/the-british-political-landscape-after-the-eu-referendum.html" data-bi-base="http://www.creditwritedowns.com/">The British political landscape after the EU referendum</a></li><li><a href="https://pro.creditwritedowns.com/2016/07/leading-uk-pm-brexit-strategies-taking-shape-may-leadsom.html" data-bi-base="http://www.creditwritedowns.com/">Leading UK PM Brexit strategies taking shape with May and Leadsom</a></li></ul></div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/navy-sailors-marines-swim-call-oceans-military-2016-7">This video proves the US Navy and US Marine Corps have the best diving boards and swimming pools</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NidGlrNDE61SKhlt3V3izuh5Qq1I4VY8" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Europe's 'nightmare scenario' is coming true

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Oli Scarff/Getty</span></p></div><p></p></div></div>Stocks ticked up on Wednesday.</p><p>All three major indices finished in the green, albeit to varying degrees.</p><p>First up, the scoreboard:</p><ul><li><strong>Dow:</strong> 21,704.22, +90.79, (+0.42%)</li><li><strong>S&amp;P 500:</strong> 2,477.59, +0.46, (+0.02%)</li><li><strong>Nasdaq:</strong> 6,418.80, +6.62, (+0.10%)</li><li><strong>US 10-year yield:</strong> 2.282%, -0.044</li><li><strong>WTI Crude:</strong> $48.73, +0.84, +1.75%</li></ul><p>1. <a href="http://www.businessinsider.com/fed-statement-balance-sheet-interest-rates-july-meeting-2017-7">The Fed says the unwind of its $4.5 trillion balance sheet will start "relatively soon."</a> The Fed also left its benchmark interest rate unchanged and planned to start shrinking its balance sheet "relatively soon," according to its policy statement released Wednesday.</p><p>2. <a href="http://www.businessinsider.com/r-anthem-threatens-to-exit-more-obamacare-markets-in-2018-2017-7">The second-largest health insurance in the US might leave more Obamacare markets in 2018</a>. <span>Anthem </span>Inc said it may leave more individual Obamacare markets due to uncertainty about the potential repeal of the healthcare law and subsidies that make the plans affordable for millions of Americans.</p><p>3. <a href="http://www.businessinsider.com/boeing-stock-price-best-performing-dow-stock-earnings-report-2017-7">Boeing's stock jumped after second quarter earnings smashed expectations</a>. <span>The highlight of the planemaker's report was free cash flow that climbed above $4.5 billion, more than double analyst expectations. And in an effort to sweeten the pot for loyal shareholders, the company used $3.4 billion of that to buy back shares and pay out dividends</span><span>.</span></p><p><span>4. <a href="http://www.businessinsider.com/coca-cola-q2-2017-earnings-2017-7">Coca-Cola beats, boosted by demand for healthier non-carbonated beverages</a>. Global volume sales of low and no-calorie soda drinks rose in the mid-single digits in the second quarter ended June 30, the company said.</span></p><p><span>5. <a href="http://www.businessinsider.com/citigroup-has-hired-a-new-leader-of-its-400-billion-private-bank-unit-2017-7">Citigroup named David Bailin as the global head of investments for its private banking unit</a>. </span>The group, which generated $2.9 billion in revenue over the past 12 months, manages $390 billion in assets for some 10,000 high net worth and ultra-high net worth clients.</p><p><span>6. <a href="http://www.businessinsider.com/facebook-traders-are-the-most-bullish-in-a-year-heading-into-earnings-2017-7">Facebook traders are bursting with confidence heading into earnings</a>. </span>Options traders are paying the lowest premium in more than a year to guard against a decline in Facebook's stock, relative to bets on a gain,<span> </span><span>according to data compiled by Bloomberg</span><span>.</span></p><p><strong>ADDITIONALLY:</strong></p><p><a href="http://www.businessinsider.com/dollar-biggest-problem-fed-interest-rates-2017-7">The Fed has become the dollar's biggest problem, argues Deutsche Bank</a>.</p><p><a href="http://markets.businessinsider.com/currencies/news/amd-stock-price-cryptocurrency-mining-wont-be-a-long-term-growth-driver-2017-7-1002206475">AMD: Cryptocurrency mining won't be a "long-term growth driver."</a></p><p><a href="http://www.businessinsider.com/fed-rate-hike-unlikely-until-at-least-december-as-inflation-weakens-2017-7">The Fed isn't going to raise interest rates again until Christmas - at the earliest</a>.</p><p><a href="http://www.businessinsider.com/democrats-unveil-better-deal-plan-but-boost-to-jobs-wages-unclear-2017-7">The Democrats' new economic plan exposes the party's existential crisis</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-stocks-overvalued-but-still-buy-them-wells-fargo-john-manley-2017-7">Wells Fargo Funds equity chief: Tech stocks are 'overvalued,' but you should still buy them</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5tM2h3YjE6rsQU-nOogJz5XnnF_1XLG5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "David Bailin" and got 11 results

Citi Private Bank CIO David Bailin says bitcoin can be a part of the 'opportunistic side' of any portfolio

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Investors should rotate away from tech stocks and into these 4 sectors before 2021 brings market relief from turmoil, a Wall Street investment chief says

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Parts of the market 'are going to roar' while tech will climb modestly on stimulus tailwinds, vaccine, Citi senior banker says

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Markets need to accept that it could take more than 2 years to get back to normal, a senior Citi banker warned

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This is how much you need to be worth to be in the richest 1% in the US - and other countries

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An investor who helps the ultra-rich grow their wealth for a living shares what he wishes he knew about money when he was 25

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Citi scrutinized the investment accounts of thousands of its super-rich clients, and the findings reveal crucial lessons for every investor

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India’s super-rich will grow faster than any other country over the next five years

Prabhjote Gill

Here's what City of London banks are telling clients ahead of tonight's crucial Brexit vote

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Europe's 'nightmare scenario' is coming true

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